Best bank: NMB Bank
AfE 2024
NMB Bank is Euromoney’s best bank in Tanzania for 2024. Total assets grew by 19%, from $3.95 billion at the end of 2022 to $4.7 billion at the end of 2023. Net profit was also up 26% at $208.6 million. Both increases are the product of loan growth of 28% and a rise in the number of customer accounts – the bank opened 1.2 million new accounts in 2023 alone.
The bank issued its first sustainable bond in 2023, the NMB Jamii bond. The three-year TSh1 trillion ($386 million) deal was the first in the region dedicated to green and social funding. It was dual-tranche, with a TSh212 billion and a $73 million tranche.
In corporate responsibility, the bank invested TSh6 billion in education, health and climate-related initiatives. It continued its work integrating climate risks into its enterprise risk management framework and is in the last stages of finalising emissions baselines and setting decarbonization targets.
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